THE APPRAISAL PROCESS INCLUDES:

• Determine the Scope, Purpose, Approach & Valuation Type of valuation of appraisals.

• Specified property is examined and identified, following a specific methodology.

• Extensive research begins, analyzing comparable sales of similar property in the appropriate marketplace to determine a valuation.

• The Appraisal Report usually includes photographs, for identification purposes.

• “Desktop Appraisals” via digital photos and without personal inspection are doable.  

TYPES OF VALUATION USED IN APPRAISALS:

• Replacement Value

Primarily used for insurance appraisals, it is “the price in terms of cash or other precisely revealed terms that would be required to replace a property with another of similar age, quality, origin, appearance and condition within a reasonable length of time in an appropriate and relevant market.”

• Fair Market Value

Required by the IRS for Non-Cash Charitable Donations, GIft and Estate inheritance taxes.  Fair Market Value is ”the price at which the property would change hands between a willing buyer and a willing seller,  neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.”  There are other types of valuations, but these two are the most commonly used.

FEES:

Appraisal or consulting services are generally based on an hourly fee, though occasionally an agreed upon flat fee is used, depending upon the scope of the project.  Compensation for the appraisal is never contingent upon the arrived evaluation. Please refer to the ‘Contact’ page to inquire about estimates.